MoneyBadger Raises $400K to Expand Bitcoin Payments in South Africa
TLDR
- MoneyBadger, a South African crypto payments startup co-founded by Luno co-founder Carel van Wyk, has raised $400,000 (R7 million) in pre-seed funding
- The round was led by P1 Ventures and supported by crypto-native angel investors, with part of the investment made in Bitcoin
- The company enables Bitcoin payments through QR codes and integrated POS systems, using the Lightning Network for fast, low-cost transactions
MoneyBadger, a South African crypto payments startup co-founded by Luno co-founder Carel van Wyk, has raised $400,000 (R7 million) in pre-seed funding to scale its Bitcoin payment infrastructure across retail outlets.
The round was led by P1 Ventures and supported by crypto-native angel investors, with part of the investment made in Bitcoin. It marks MoneyBadger’s first external raise since launching in stealth in 2022.
MoneyBadger emerged after grocery giant Pick n Pay approached the team to build a Bitcoin checkout solution. In February 2023, the retailer rolled out crypto payments across its stores using MoneyBadger’s platform. Today, the startup’s technology is integrated in over 1,600 retail locations, including supermarkets, fashion stores, and convenience chains.
The company enables Bitcoin payments through QR codes and integrated POS systems, using the Lightning Network for fast, low-cost transactions. According to Pick n Pay’s head of financial services, Deven Moodley, the retailer now sees over R1 million ($59,000) in Bitcoin payments monthly, contributing to MoneyBadger’s R1.4 million ($83,000) monthly volume.
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Key Takeaways
MoneyBadger’s raise reflects growing demand for real-world crypto use cases in Africa, as retailers and consumers look beyond speculation to practical utility. With integrations across Binance, Luno, VALR, and AltCoinTrader wallets, and QR compatibility with Blink and Aqua, the startup is positioning itself as a foundational player in South Africa’s emerging crypto payments landscape. The move comes amid rising activity in the space. Rival Luno Pay, launched in late 2024, has processed over R20 million ($1.1 million) in Bitcoin purchases, with current volumes near R2 million monthly. But unlike Luno Pay, which operates as an extension of a crypto exchange, MoneyBadger is focused on POS integration and merchant tooling—bringing crypto payments into mainstream commerce. With fresh capital, MoneyBadger plans to expand via Tier 1 payment partners, e-commerce platforms, and national QR code networks, tapping into consumer behavior shifts where digital assets are increasingly being used to pay for groceries, travel, and utilities.
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